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Hayek instead stressed that capital ("the produced means of production" as Bohm-Bawerk put it) is to a great extent specific to the intended ultimate product, and thus is both heterogenous and inconvertible.
In contrast, any government that issues inconvertible fiat paper and declares it to be the nation's sole legal tender establishes a fiat money monopoly.
More generally, Fisher (1896) moved beyond the effect on money interest of anticipated changes in the purchasing power of money to formulate a general statement invoking arbitrage to explain the difference between interest rates expressed in any two standards as due to the expected change of the exchange rate between the two standards: money and commodities, gold and inconvertible paper money, the currencies of two countries, gold and silver, gold and wheat.
In addition to his attack on the quantity theory, JMK argued for the retention of the then prevailing inconvertible paper currency standard, and the adoption of a trident of control--the Bank rate, the forward exchange rate, and the buying and selling points of gold, both short and forward, as a means of regulating the paper currency standard.
Europe is developing and this process is inconvertible and the progress relies on the energy recourses especially natural gas, which Europe has not.
Because [China] has been able to cut, not raise, interest rates in this crisis, despite maintaining a fixed exchange rate[,] and the reason it is able to do that is that it has an inconvertible currency, a.
We are thus left wondering whether Geddes would rather see qualitative researchers leverage theory and method to try to elaborate theoretically portable arguments-as we believe they can and should--or limit their sights to producing the equivalent of inconvertible currency in case after unusual case.
Once in an inconvertible fiat standard, the federal government soon started to inflate the money supply, which was done through the Legal Tender Act of February 1862.
It also signified that Illinois money had not been received in Milwaukee and Madison for several months because they were inconvertible.
provide special advantages in situations where the remitting country has a convertible currency and no capital controls, (42) and the receiving country has inconvertible currency and/or a black market exchange rate.
Con sus politicas economicas el pais tuvo un papel moneda inconvertible a partir de 1886.
As to value-at-risk models, we now have inconvertible evidence they are very useful when they don't matter and totally useless when they do matter.